30th May 2014 09:10
Hutchison China MediTech Limited ("Chi-Med")
(AIM: HCM)
Chi-Med and Shanghai Traditional Chinese Medicine expand commercial cooperation
London: Friday, 30 May 2014: Chi-Med, the pharmaceutical and healthcare company based primarily in China, today announces that its long-term joint venture partner, Shanghai Traditional Chinese Medicine Co. Ltd. ("STCM"), through its affiliates, have agreed to grant Shanghai Hutchison Pharmaceuticals Limited ("SHPL", a joint venture between Chi-Med and STCM) exclusive rights to sell six prescription drug products in China.
Chi-Med, through its SHPL joint venture, will exclusively commercialise these six products in China for an initial ten-year term. The six prescription drug products, which had aggregate sales in 2013 of RMB45 million (US$7.3 million), cover multiple therapeutic areas including cerebrovascular disease, prostate health, bronchitis, cancer pain and kidney disease. The grant of these rights comes as part of a broader commercial restructuring of the SHPL joint venture, which although having no impact on equity structure or day-to-day operations, will allow for the expansion of its business scope.
Christian Hogg, Chief Executive Officer of Chi-Med said: "Chi-Med's partnership with STCM has enjoyed great success over the past thirteen years and has built a considerable commercial presence, with over 1,600 medical sales representatives operating in about 600 towns and cities covering over 13,000 hospitals throughout China. We appreciate the faith that STCM is entrusting in us to commercialise these important products. We expect this to build material value for our SHPL joint venture over the coming years."
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Enquiries
Chi-Med Christian Hogg, CEO | Telephone: +852 2121 8200 |
Panmure Gordon (UK) Limited Richard Gray Andrew Potts
| Telephone: +44 20 7886 2500
|
Citigate Dewe Rogerson Anthony Carlisle David Dible | Telephone: +44 20 7638 9571 Mobile: +44 7973 611 888 Mobile: +44 7967 566 919 |
About Chi-Med
Chi-Med is a China-based healthcare group focused on researching, developing, manufacturing and selling pharmaceuticals and health-related consumer products. Its China Healthcare Division manufactures, markets and distributes prescription and over-the-counter pharmaceuticals in China. Its Drug R&D Division focuses on discovering and developing innovative therapeutics in oncology and autoimmune diseases. Its emerging Consumer Products Division focuses on organic and natural consumer products in Asia.
Chi-Med (LSE:HCM) is majority owned by the multinational conglomerate Hutchison Whampoa Limited (SEHK:13). For more information, please visit: www.chi-med.com.
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